Madison Air Solutions seeks to raise up to $2.23 billion in its IPO, aiming to become the largest US listing by an industrial firm in nearly three decades. The Chicago-based provider of ventilation and filtration systems plans to sell 82.7 million shares at $25 to $27 each. At the top of the range, the offering would value the company at approximately $13.2 billion, surpassing the $5.5 billion IPO of United Parcel Service in 1999. The IPO size underscores the surging investor appetite for companies supplying critical infrastructure for data centers and industrial facilities, driven by trends like data center growth and industrial reshoring.

Madison Air's US commercial segment, encompassing health care, data centers, manufacturing, and logistics, generated roughly two-thirds of last year's revenue. Its residential brands, including AprilAire and Broan-NuTone, also contribute significantly. Investors have rewarded this sector recently, with Legence Corp. up 110% since its September IPO and Vertiv Holdings Co. gaining over 2,000% since its 2020 listing. The company reported $124 million net income on $3.34 billion revenue for 2025, up from $236 million on $2.62 billion in 2024.

The IPO is led by Goldman Sachs, Barclays, Jefferies, and Wells Fargo. Founder Larry Gies will retain control via super-voting shares. The listing comes amid a $40 billion market for specialized air systems, fueled by aging housing stock, data center expansion, and industrial reshoring. The offering signals a major milestone for the industrial sector and the potential for continued investor demand in infrastructure plays.